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Bankruptcy Forces
Grossinger's Sale
ARTHUR J. MAGIDA
Special to The Jewish News
Almor
b.ar
The Airline of Israel.
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62
FRIDAY, FEBRUARY 8, 1991
G
rossinger's, once the
flagship of Borscht
Belt hotels, is being
offered to the highest bidder
at a bankruptcy sale.
The 915-acre hotel com-
plex is about $40 million in
debt. Thirty million dollars
is owed to two banks —
Lloyd's of London and Hok-
kaido Takushoku Bank of
Tokyo — and another $10
million is due other
creditors.
The bankruptcy sale is be-
ing managed by Keen Realty
Consultants, Inc., of Great
Neck, N.Y. The firm will not
hold an auction, said Mr.
Russell Silver, a real estate
consultant at Keen. Instead,
the firm will submit bids it
considers fair to the U.S.
Bankruptcy Court for the
Southern District of New
York.
Officially called Gross-
inger's Hotel and Golf
Resort, the 75-year-old
resort helped put New
York's Catskill Mountains
on the map as a place of
respite from hot, steamy
New York City summers. It
later helped turn the Cat-
skills into a year-round
resort area by cultivating
such winter sports as ice
skating and tobogganing,
and holding "singles'
weekends."
The federal court, in which
Grossinger's Associates filed
for bankruptcy in December
1989 is located in White
Plains, N.Y. Administering
the case is Judge Howard
Schwartzberg.
Grossinger's Associates is
a group of investors and de-
velopers that purchased the
hotel from the Grossinger
family in 1985. The group
closed the resort the next
year for renovations.
They originally intended
to convert the hotel to an
upscale resort and spa.
Toward this end, they
demolished several hotel
buildings, including the
main building and
Grossinger's
Associates erected
a new, three-story
main building and
a 30,000-square-
foot convention
center. The new
owners also
installed two new
kosher kitchens.
playhouse, where genera-
tions of entertainers got
their start.
Also razed were some of
the older accommodations
buildings. What remains is a
hotel with 272 rooms.
Since purchasing the ho-
tel, Grossinger's Associates
erected a new, three-story
main building and a
30,000-square-foot conven-
tion center.
The new owners also in-
stalled two new kosher
kitchens. They planned to
eventually construct town-